turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

sleepyto
New Member

Tax Year Prior to 2020: If I changed Reverse Mortgage Companys and received a 1098 from the first mortgage company is the MIP deductible?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Tax Year Prior to 2020: If I changed Reverse Mortgage Companys and received a 1098 from the first mortgage company is the MIP deductible?

Yes.  The MIP is deductible.

Any interest on a reverse mortgage is not deductible until you actually pay it, which is usually when you pay off the loan in full.  However, for reverse mortgages, you can deduct amounts you paid for qualified mortgage insurance.  You can deduct any real estate taxes you paid as you would normally.

For more information, please refer to IRS publication 936, page 5.


message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies